By: Islam Fadl

Cairo – Mubasher: Foreign investments in Egyptian treasury bills (T-bills) edged up 0.07% month-on-month to EGP 276.65 billion at the end of June, compared to EGP 276.46 billion, according to data released by the Central Bank of Egypt (CBE).

The outstanding balances of the T-bills increased to $1.42 trillion at the end of the sixth month of 2019, compared to $ 1.39 trillion a month earlier, the CBE said.

At the end of July, foreign holdings of Egypt’s debt instruments registered $20.1 billion, board member of the CBE Fakhry El Fekki previously told Mubasher.

Over the first seven months of 2017, foreign holdings of the North African nation’s debt instruments hit $7 billion, El Fekki added.

The most populous Arab nation’s public debt to gross domestic product (GDP) ratio slipped to 90.5% at the end of June from 98% a year earlier.   

The Egyptian government seeks to further slash debt to GDP ratio to 82.5% at the end of June 2020 and 77.5% by the end of June 2022.